Important Measures in December 2006
PRESS RELEASE Release Date: January 22, 2007
Important Measures in December 2006
In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Central Bank of China (CBC) announced the following measures in December 2006:
1.Approved Kinmen branch of Fuhwa Commercial Bank and its desk at dock to sell/buy RMB banknotes.
2.Approved Calyon Corporate and Investment Bank to commence foreign exchange business through internet instructions.
3.Approved ABN AMRO Bank, Taipei Branch to operate （1）ABN AMRO Conquistador II Sub-Trust Index Swap with CPPI technique denominated in NTD and （2）Structured products composed of NTD deposits linked with ABN AMRO Conquistador Sub-Trust Index with CPPI technique.
4.Allowed The Shanghai Commercial & Savings Bank to conduct structured products composed of FCY Time Deposits linked with FCY IRS, FCY IRO and FCY Interest Rate Swaptions.
5.Approved SinoPac Capital Management to act as a single master agent for Lion Capital Management Ltd in offering and selling offshore funds in Taiwan.
6.Approved 6 branches of 3 banking enterprises to operate full range of foreign exchange business. In addition, 4 branches of 3 banking enterprises were approved to sell/buy foreign currency banknotes and traveler’s checks. As of the end of December 2006, there were 1,152 authorized foreign exchange banks, including 1,089 domestic banks and 63 foreign banks.